Dubai’s gold prices continued to rise, with the 24K rate reaching Dh541 per gram. On Thursday, the latest increase took the weekly gain to Dh17.5. Thus, keeping the precious metal near its highest levels in recent months.
The 24K rate gained Dh1 from Wednesday’s close. Other major categories also saw a rise, with 22K gold at Dh501 per gram, 21K at Dh480.50 and 18K at Dh411.75.
Dubai’s gold market recorded a strong run in August. The 24K rate was priced at Dh492.25 per gram on August 4 before crossing Dh500 two days later. On August 12, it reached Dh533.25. Experts suggest that after a brief drop, the price increased
The latest move puts the 24K rate close to levels last seen in early June. Gulf News reported that Thursday’s Dh541 price was the highest since June 2, when 24K gold stood at Dh542.50 per gram.
The rise in Dubai followed gains in international markets. Spot gold was trading at around $4,491.47 per ounce, up 0.09% on Thursday. Silver also gained 2.16% to $67.14 per ounce.
Gold remained supported after a sharp sell-off earlier in the week. Analysts pointed to easing US Treasury yields and a dollar trading near multi-month lows as factors supporting demand for precious metals. The UAE dirham is pegged to the US dollar, making US monetary and bond-market developments particularly relevant for the UAE’s financial conditions.
Also Read: Dubai Gold Prices Under Pressure: 24K Slides to Dh524.25, 18K at Dh399